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The United States and Canada are cutting back on oil production beginning 2015. The high cost of production in the two countries does now allow it to compete with Saudi Arabia oil and other countries with lower costs as market prices begin to fall

The Saudi government is more interested in keeping market share rather than cutting production to increase prices.

Saudi continues to raise production output regardless of current prices.Oil production in March averaged 10.3 million barrels per day, an increase from the 9.6 million bpd from the first two months of this year.

This article describes the war of oil production between North American Countries and Saudi Arabia. Mentioning different production tactics by these countries & their effect on the future of oil

Geof Riley explains the term "spare capacity" at a macro-economic level. This brief article explores the pros and cons of producing a product "below the maximum sustainable level of production," and helps to explain why the term is so prevalent in the petroleum market.

This article suggests that OPEC is losing control of global oil prices. The article addresses budget considerations for smaller OPEC producers, like Venezuela, and the battle over market share between OPEC and gulf producers.

This article suggests that increased shale oil production is changing the economy of oil, but at the same time Saudi Arabia is reluctant to slow OPEC production.

Saudi Arabia Minister blames the recent decline in oil prices on speculators and lack of cooperation between oil leaders. They are refusing to cut down on their oil production and state "the best thing for everybody is to let the most efficient produce."

This article basically highlights the significance of Libyan oil fields in terms of the international community. Chaos in Libya not only affects the eastern region, but all OPEC members and importers of crude oil across the globe. After the recent attacks on Sharara, the biggest field in Libya, production has significantly slowed down. Libya's elected parliament assures the global community that they will resume normal outputs soon, but as the country deepens further into civil war, international actors remain skeptical.

This article briefly addresses the current global petroleum market, outlining the top national producers and their current import/export strategies. The article is a good overview of the global politcs affecting oil prices.

More speculation about oil prices and contracts with Asia as oil productions continue to increase with little proof of future demand in oil

Palestinian Prime Minister Rami Hamdallah on Monday urged the European Union to ban Israeli settlement products from entering Europe. At a meeting with Christian Berger, director for Middle East at the European External Action Service, Hamdallah said the Israeli settlements are illegitimate under international law. UNHRC adopted a resolution to "blacklist" companies that operate in Israeli settlements in the West Bank.

The use of chemical weaponry has been reaffirmed in Syria, even though an effort was launched in 2013 following the Damascus attack to eliminate Syria's chemical weapons. There have been numerous eye-witness reports of helicopter sounds, bomb spotting, and the smelling of chlorine gas. The hope is to destroy all chemical weapon production facilities by June of 2015.

Syria has disclosed four chemical weapon facilities including, three for research and development and one for production. There are concerns that Syria continues to hide information regarding the existence of more chemical weaponry facilities. The UN and the Organization for the Prohibition of Chemical Weapons (OPCW) have a joint mission to eliminate the chemical weaponry in Syria.

Southern Tunisia lives largely off illegal cross-border trade. A strike has been staged following deadly clashes between police and demonstrators after the seizure of contraband fuel. Unions are demanding job creation schemes, the lifting of an export tax imposed on goods imposed in October. It is estimated that about 328,000 tonnes of contraband products pass through Ras Jedir annually. Smuggling was costing the Tunisian exchequer at least $675m a year.

Rex T. Tillerson, chief of Exxon Mobil predicts that due to slow global economic growth and higher than normal oil production, oil prices will remain low for the next two years.